The web Browser you are currently using is unsupported, and some features of this site may not work as intended. Please update to a modern browser such as Chrome, Firefox or Edge to experience all features Michigan.gov has to offer.
Does the MTSA apply to foreign currency exchange?
No, the MTSA does not apply if the activity conducted is strictly limited to the exchange of currency. If, on the other hand, the entity is not only going to provide currency exchange services, but also engage in the business of money transmission services (such as holding funds in an e-wallet), the entity would need to obtain the appropriate license.